In brief: Greater Manchester-backed debt fund closes at £70m

British debt manager TDC has announced the close of its impact fund on £70 million (€81 million; $89 million).

TDC, which claims to be the only UK private credit manager based outside of London, was founded in 2015 to invest in UK SMEs. The impact fund was launched in 2022 to drive job creation in the North of England. Its LPs include British Business Investments and the Greater Manchester Pension Fund.

The firm manages the impact product alongside its three funds, per the statement. It recently secured a capital partnership with KKR, taking its assets under management to more than £1 billion.

TDC is not the only firm to close a placed-based vehicle in recent months. Northern Gritstone closed its venture capital fund on £312 million in October last year.